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The USB 1.x top theoretical speed is 1.5MB/sec while the top theoretical speed for USB 2.0 is 60MB/sec. In practice, you can usually get about 20 to 30MB/sec with USB 2.0 and a little over 1MB/sec with USB 1.x.
It all depends how much you want to back up and how fast you want the job done. If your backing up 20GB of data, you could easily do that overnight figuring about 1GB per half hour.
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